Bayer announces €1bn cost cutting programme
Bayer launches a €1bn cost-cutting programme to offset falling revenues caused by competition from generic drugs, rising development costs and the effects of healthcare reforms.
Bayer is the latest pharmaceutical giant to announce job cuts as it launches a €1bn cost-cutting programme to offset falling revenues caused by competition from generic drugs, rising development costs and the effects of healthcare reforms.
The Leverkusen, Germany based firm said it would cut costs by €800m a year, starting in 2013, and slash 4,500 jobs, including around 1,700 in Germany. At the same time Bayer will create 2,500 new jobs, largely in emerging markets, and focus on new products, particularly in its HealthCare and CropScience divisions.
Marijn Dekkers, Bayer’s chairman, said the firm would need to ‘redirect resources, improve efficiencies and cut costs’ to finance this expansion.
Marijn Dekkers; I am convinced tha
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